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Form 1 is a disclosure document that must be served on the Purchaser once a sale contract has been signed. It provides certain information relating to the property being sold and provides the cooling off rights. The Form 1 is generally prepared by the real estate agent but can also be prepared by your conveyancer if they have suitable insurance. It is important that the Form 1 is accurate and complies with current legislation to avoid putting the contract at risk.

 

What must be included in Form 1?
The Form 1 contains certain details relating to the property being sold and must take the form set out in the regulations. It sets out:
• The purchaser’s cooling-off rights;
• The particulars required under the regulations, relating to:

 

 all mortgages, caveats, charges and prescribed encumbrances affecting the land subject to the sale;
 if the vendor acquired a relevant interest in the land within 12 months before the date of the contract of sale, all transactions relating to the acquisition of the interest occurring within that period must be provided; and
 any matters prescribed by the regulations.
This information is based on responses received from statutory authorities, council searches and the vendor’s knowledge of the property.

 

It is recommended that vendors and purchasers contact a conveyancer before they sign a contract or in the cooling off period to ensure that they understand what both the Contract and Form 1 mean and how the disclosed information may affect them.

 

If you are looking to purchase or sell your property and would like to find out more about your rights and options, Straits Lawyers are here to help. Simply send us an email at info@straitslawyers.com or give us a call on 8410 9069 to arrange an appointment for an online interview.

 

Alternatively, if you would like to conveyance a property, Straits Lawyers are now offering online services at https://straits-lawyers.square.site/product/conveyancing-/2?cs=true.

 

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.